Recently, I've heard someone say that Bitcoin is air, and when it drops, it goes to zero.
To be honest, this statement is a bit extreme.
If you're saying that it currently has a high correlation with U.S. tech stocks and limited safe-haven properties, I agree. But directly labeling it as 'air' is a bit bullying.
Did you know that Bitcoin has an automatic difficulty adjustment mechanism?
A drop in hash power won't cause a collapse; historically, after significant drops in hash power, it has quickly recovered. This is written in the code as an 'immortal body.' When miners shut down, the difficulty decreases, and the remaining miners have lower mining costs, allowing the network to continue operating. This mechanism has been running since 2009 and has never had any issues.
It belongs to the category of digital scarce assets, priced not based on cash flow, similar to the logic of gold.
What cash flow does gold have? None. The value of gold comes from consensus, scarcity, and thousands of years of 'human belief that it is valuable.' Bitcoin follows the same path; it's just a digital version.
At this stage, it is indeed highly correlated with U.S. tech stocks, which is a fact. When the macro environment tightens, risk assets all fall, and Bitcoin can't hold up either. But this doesn't mean it's worthless; it just indicates that it hasn't completely shed the 'risk asset' label and moved towards a true 'digital gold' positioning.
Those who say it has dropped to zero probably don't even understand its underlying logic.
Do you understand? Let's discuss your thoughts in the comments.